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Angus Deaton Wins 2015 Nobel Prize In Economic Sciences

Renowned microeconomist Angus Deaton has won the 2015 Nobel Prize in Economic Sciences for his analysis of consumption, poverty and welfare. The economics prize was announced on Monday morning by Göran

His research focused on individual choices and their outcomes by answering three questions:

* How do consumers distribute their spending among different goods?

* How much of society’s income is spent and how much is saved?

* How do we best measure and analyze welfare and poverty?

The answers to these queries, which Deaton studied for decades, can be used by the political and scientific communities to design economic policy that promotes welfare and reduces poverty.

“By emphasizing the links between individual consumption decisions and outcomes for the whole economy, his work has helped transform modern microeconomics, macroeconomics and development economics,” the academy said in a statement.